Prices in the international beef market were mostly positive this week.
South Africa- Agri trends.
Locally, beef prices have been under pressure due to lack of demand; lamb and mutton prices remained subdued; pork prices continued to strengthen; and the average poultry prices remained unchanged over the past week.
Auctions in Limpopo, North West, Gauteng and Mpumalanga are suspended with immediate effect amid FMD outbreak.
Livestock prices are expected to find support from Black Friday increased spending.
Local cotton prices expected to decline in the next 2-3 months due to supply pressures in the Northern hemisphere.
Week on week, beef prices were mixed in the different classes, lamb and mutton prices traded positively and the local pork prices traded mostly lower.
Week on week, beef prices were mixed in the different classes; lamb, mutton and poultry prices traded mixed; and the local pork prices traded mostly lower due to subdued demand.
US Kansas yellow corn prices decreased by 0.1% week on week.
Maize: The tight old crop ending stocks for both white and yellow maize supported prices.
Week on week, beef prices were mixed in the different classes; sheep meat prices are currently under pressure; and the local pork prices traded lower due to subdued demand.
Locally, the rainfall forecast for autumn (February to May) shows a higher probability of below normal rainfall over most parts of the country except the eastern parts where above normal rainfall is more likely.
Prices in the international beef market traded mostly negative this week.
Maize market trends- The jury is still out when it comes to the impact the coronavirus outbreak in China will have on SA agricultural commodities.
Grains prices remain supported by demand amid Covid-19 trade uncertainties.
Clients who watch the fortunes of the rand tend to focus on events at home, but events abroad can often have a significant impact on the value of South Africa’s currency.
The last multi-sector future view that Absa AgriBusiness published, was in the last quarter of 2019.
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